NCBA Bank To Launch M-Shwari In Ghana, DRC And Ethiopia

M-Shwari banner PHOTO/UGC

NCBA Group is seeking to expand its mobile phone banking services M-Shwari in Ghana, Ethiopia and the Democratic Republic of Congo (DRC).

The banking services group is seeking to launch in the aforementioned countries through partnerships with banks and telecoms operators.

NCBA Group chief executive John Gachora said the move is in a bid to grow into a regional bank thanks to the rapid economic growth and trade integration.

DON'T MISS: Stay informed with the latest news and interact with us on Instagram.

“In new markets the model will be to work with local banking and mobile partners to deliver our products. The countries of interest for now remain Ghana, Ethiopia and DRC – these added to our current five would make it eight countries,” Gachora said.

The bank is yet to announce the banks and telcos that it is seeking in the three markets.

Existing partnerships between NCBA Group and telecoms in Africa include M-Pawa in Tanzania with Vodacom, Mokash in Uganda and Momocash in Ivory Coast with MTN.

As earlier reported on WoK, NCBA Bank said it will write off Ksh 11.25 billion of loans under its digital platforms in line with the recent banking sector framework aimed at reducing Kenyans from negative credit listing.

According to the NCBA chief finance officer David Abuya, the bank is engaging loan defaulters under Fuliza and M-Shwari to cancel 50 per cent of the amount borrowed.

As such, the borrowers have six months to repay the remaining amount.

JOIN US: Stay informed with the latest Kenyan news and join the conversation on Telegram.

“Of the Sh15 billion, M-Shwari and Fuliza combined we are accounting for Sh11 billion of that. The context is important; we are looking as far as back as 10 years against most digital lenders who have existed from the last year

“’We have already instituted this change. We have already completed the reclassification of more than five million M-Shwari and Fuliza customers. The communications to each individual began going out on Wednesday,” Abuya said.

About 4.2 million digital borrowers negatively listed with CRBs will be delisted and issued with a credit score if they repay the balance by May 31, 2023.

“Our plans are well advanced and effective December 1, all recent customers will be getting a discount of at least 50 per cent. We will also be considering enhancing that discount for customers who would be able to pay back sooner,” Abuya added.

Facebook Comments

JOIN OUR COMMUNITY: Stay informed with the latest celebrity news on our WhatsApp community or by messaging the number +41774793952.